12 high-profile billionaires and millionaires who aren't leaving their fortunes to their children

Gordon Ramsay with wife Tana and daughters Megan and Holly — who won't see a penny of their parents' fortune landing in their bank accounts.

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AP/Richard Shotwell/Invision

Many
high-profile business magnates, billionaires, and celebrities
believe that they've worked too hard to simply hand their
fortunes over to their kids when they die.

And with inheritance tax in the UK set at 40% on all values over
£325,000 ($425,000), it's clear why many members of the
super-rich elite would rather their money went towards more
worthwhile causes.

Business Insider has compiled a list of 12 high-profile
millionaires and billionaires - some of whom are the world's
biggest business magnates - who won't be signing over their
fortunes to their kids in their will.

Whether the money's going to worthy causes or they're simply
planning on spending every last penny themselves, scroll on to
discover 12 high-profile billionaires and millionaires who aren't
leaving a penny to their children - ranked in ascending order by
their net worth.

Nigella Lawson — $15 million (£11.5 million).

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AP/Sang Tan

Nigella Lawson is a food writer, TV personality, and journalist.
Lawson was one of the pioneers behind the 21st-century "food
porn" revolution with her books including "Feast," "Nigella
Express," and "How to Be a Domestic Goddess." Lawson is worth an
approximate $15 million (£11.5 million),
according to The Richest.

Lawson has two adult children from her first marriage and one
step-daughter from her second marriage to advertising mogul
Charles Saatchi, which ended in 2013.

In an interview with My Weekly in 2008, during her second
marriage, Lawson said: "I am determined that my children should
have no financial security. It ruins people not having to earn
money.

"I argue with my husband Charles, because he believes that you
should be able to leave money to your children. I think we'll
have to agree to disagree."

Gordon Ramsay — $160 million (£122.2 million).

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Gordon Ramsay with wife Tana Ramsay and daughters Megan and Holly.

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AP/Richard Shotwell/Invision

Owning and operating 40 restaurants around the globe with 16
Michelin stars between them, Gordon Ramsay is one of the biggest
names in the British restaurant industry. The well-renowned
celebrity chef has a strong TV presence and has made $60
million so far this year thanks to shows such as "MasterChef
USA," "MasterChef Junior" and "Hell's Kitchen."

The father of four has no intention of leaving his fortune to his
children, who still sit in economy on flights while Ramsay and
his wife, Tana, peel off for first class: "It's definitely not
going to them," Ramsay
told the Telegraph.

"And that's not in a mean way; it's to not spoil them. The only
thing I've agreed with Tana is they get 25% deposit on a flat,
but not the whole flat.

"I've been super lucky, having that career for the last 15 years
in the US. Seriously, it has earned a fortune and I've been very
lucky, so I respect everything I've got," Ramsay said.

Sting — $300 million (£229 million).

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Reuters/Norsk Telegrambyra/AS

Sting is a musician best known for being the frontman of rock
band The Police. The singer has received 16 Grammy Awards, three
Brit Awards, a Golden Globe, and an Emmy Award. He has an
approximate net worth of $300 million (£229 million),
according to The Richest.

The father of six publicly declared that his children will not
inherit a penny of his vast fortune
in an interview with the Mail on Sunday in 2014. He said: "I
told them there won't be much money left because [my wife and I]
are spending it! We have a lot of commitments. What comes in we
spend, and there isn't much left.

"I certainly don't want to leave them trust funds that are
albatrosses round their necks. They have to work. All my kids
know that and they rarely ask me for anything, which I really
respect and appreciate," he said.

Elton John — $480 million (£366.6 million).

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Sir Elton John with husband David Furnish.

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Reuters/Brian Snyder

With a career in music spanning four decades, Sir Elton John
earned an approximate $60 million (£45.8 million) last year,
according to
Forbes, adding to his impressive
estimated net worth of $480 million (£366.6 million).

With his husband David Furnish he has two young sons - Zachary
and Elijah - but the singer has no intentions of spoiling them
with his vast fortune.

"The boys live the most incredible lives, they're not normal
kids, and I'm not pretending they are. But you have to have some
semblance of normality, some respect for money, some respect for
work."

The couple have borrowed from the Warren Buffett school of
inheritance - the second richest man in the world, who also
features on this list. Elton John said: "[Buffett] has a really
cool model in that he leaves his children enough money so that
they have a house, a car and all their basic needs covered and
cared for so they never need worry. But it's not crazy, silly,
go-wild money so that they could be buying Picassos or private
jets."

Simon Cowell — $550 million (£420 million).

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Simon Cowell with wife Lauren Silverman.

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Reuters/Paul Hackett

Simon Cowell is a television and music producer, most famous for
"The X Factor," "Britain's Got Talent," and "America's Got
Talent." His annual salary is estimated at $95 million (£72.5
million),
according to Forbes, and he has a net worth of approximately
$550 million (£420 million),
according to The Richest.

In an interview
with Esquire in 2013, Cowell said: "I don't believe in
passing on from one generation to another. Your legacy has to be
that hopefully, you gave enough people an opportunity, so that
they could do well, and you gave them your time, taught them what
you know."

Although it's unclear whether Cowell still holds the same beliefs
(the interview was conducted before the birth of his son Eric in
early 2014), Cowell is expected to forward the vast majority of
his fortune on to charities benefitting animals and children
after his death.

Andrew Lloyd Webber — $1.2 billion (£920 million).

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Lord Andrew Lloyd Webber with wife Madeleine Gurdon.

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Reuters

Andrew Lloyd Webber is the musical theatre composer behind
award-winning, long-running shows such as "The Phantom of the
Opera," "Cats," and "Joseph and the Technicolour Dreamcoat." The
composer - with seven Tonys, three Grammys, an Academy Award, and
a knighthood - has an approximate net worth of $1.2 billion (£920
million),
according to The Richest.

The father of five
told the Daily Mirror in 2008 that he didn't plan to pass his
vast fortune on to his children: "They aren't bothered. They
don't think that way. It is about having a work ethic - I don't
believe in inherited money at all.

"I am not in favour of children suddenly finding a lot of money
coming their way because then they have no incentive to work," he
said.

Instead, he wants to invest his fortunes into musical projects
after his death - although he has no finite plans for the time
being.

On the topic of inheritance, he said: "It is extremely likely
that my wife Madeleine will outlive me so I will leave the
problem with her."

George Lucas — $5.3 billion (£4 billion).

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George Lucas with wife Mellody Hobson.

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Reuters/Dylan Martinez

Best known for creating the "Star Wars" and "Indiana Jones"
sagas, George Lucas is an American TV and film producer. After
selling the Star Wars franchise and his production company
"Lucasfilm" - both of which Lucas owned 100% of the rights to -
to The Walt Disney Company for $4.05 billion in 2012, Lucas saw
his net
worth rocket to $5.3 billion (£4 billion).

The father of four has one adopted daughter from his first
marriage, two further adopted children, and a fourth daughter
with second wife Mellody Hobson, born in August 2013.

However, a spokesperson for Lucas
told the Hollywood Reporter that the majority of the funds
made from the deal would go towards educational philanthropy
projects.

Lucas founded the George
Lucas Educational Foundation, also known as Edutopia, which
aims to research and improve educational practices used in
schools in order to make sure that children are gaining the
absolute most from their education.

Pierre Omidyar — $10.1 billion (£7.7 billion).

Pierre Omidyar founded eBay in 1995 and served as chairman of the
online auction company until 2015. Omidyar is gradually selling
his stakes in the company as he reduces his role within the
brand. He is currently worth $10.1 billion (£7.7 billion)
according
to Forbes.

Omidyar's current ventures include a technology venture capital
firm, an investigative journalism platform, and a philanthropy
network called the Omidyar Network.

Omidyar and his wife Pam, who have three children, signed
the Giving Pledge in 2010
- a campaign set up by Warren Buffett and Bill and Melinda Gates
in the hope of encouraging the super-rich elite to donate the
majority of their fortunes to charitable causes. So far, the
campaign has over 150 signatures from billionaires and the
super-rich.

In their
pledge letter, Pierre and Pam Omidyar said: "Our view is
fairly simple. We have more money than our family will ever need.
There's no need to hold onto it when it can be put to use today,
to help solve some of the world's most intractable problems."

Michael Bloomberg — $47.1 billion (£36 billion).

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Reuters/Henry Romero

Michael Bloomberg is the founder and CEO of software, data, and
media company Bloomberg L.P. and the 10th richest person in the
world with a net worth of $47.1 billion (£36 billion) according to
Forbes.

Bloomberg co-founded the eponymous company, whose facets include
financial software, a news platform, a TV network, three
magazines, one Manhattan skyscraper, and a soon-to-be £1 billion
second HQ in London. Michael Bloomberg retains a 88% stake in the
business.

The business magnate and former mayor of New York City has
publicly announced that he hopes to give away his entire fortune
before he dies - the majority of which will be donated to his
self-titled philanthropic initiative
Bloomberg Philanthropies.

Bloomberg's two daughters, Georgina and Emma, both work for
philanthropic causes.

After welcoming his first daughter, Max, into the world with wife
Priscilla Chan in December 2015, Zuckerberg publicised the
child's birth by
posting an announcement on Facebook. In the post, Zuckerberg
declared that he and his wife would be donating 99% of Max's
inheritance to charity.

The post, addressed to Max, said: "We want you to grow up in
a world better than ours today" adding "we will do our part to
make this happen, not only because we love you, but also because
we have a moral responsibility to all children in the next
generation."

Warren Buffett — $78.9 billion (£60.3 billion).

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Reuters/Rick Wilking

Warren Buffett is the second richest man in the world with a
staggering net worth of $78.9 billion (£60.3 billion) according to
Forbes.

Buffett made his name as an investor and serves as the CEO and
Chairman of Berkshire Hathaway - a company that owns or holds
stakes in dozens of companies including Kraft Heinz, American
Express, Duracell, and even Apple. Buffett has been named "one of
the most successful investors of all time" by Forbes.

Buffett is a keen philanthropist and plans on pledging 100% of
his vast fortune to various charities when he dies, leaving
nothing to his children.

Rather than handing each of his three children money directly
into their pockets,
Buffett has instead promised to give approximately $2.1
billion (£1.6 billion) of Berkshire Hathaway stock to each of his
children's charities as rewards for the success of the
foundations.

The majority of his fortune will go to the Bill and Melinda Gates
Foundation, with a percentage also going to the Susan Thompson Buffett
Foundation that the tycoon founded with his first wife.

Bill Gates — $89.6 billion (£68.4 billion).

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Reuters/Rick Wilking

Like many of the world's richest billionaires, Miscrosoft founder
Bill Gates is a keen philanthropist and plans to pass on the vast
majority of his $89.6 billion
(£68.4 billion) fortune to charitable causes. Gates and his
wife Melinda own the world's largest private charitable
foundation - The Bill
& Melinda Gates Foundation - which works to "help all
people lead healthy, productive lives."

Gates' three children have inherited their father's philanthropic
gene, and are reportedly happy to not be inheriting their
father's fortune.
In a Reddit AMA, the Microsoft magnate said his children will
inherit just $10 million (£7.6 million) each - equivalating to
0.01116% of his fortune.

In the AMA, Gates said: "I definitely think leaving kids massive
amounts of money is not a favour to them. Warren Buffett was part
of an article in Fortune talking about this in 1986 before I met
him and it made me think about it and decide he was right."